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Lenders to Bansi Mall Management Co Pvt Ltd (BMMCPL), which owns SOBO Central Mall in Mumbai's Haji Ali area, have initiated Sarfaesi proceedings to recover their dues totalling Rs 571 crore.
The decision came on an application moved by the company's Resolution Professional before the tribunal's Mumbai bench seeking to exclude a period of 29 days from the process, according to a regulatory filing. "NCLT on September 7, 2023, heard the application and granted the said exclusion of 29 days' from CIRP of FRL. Consequently, the last date for completion of CIRP of FRL is September 15, 2023," it said.
Future Retail: Some banks are opposed to taking up the resolution plan submitted by SpaceMantra as it is too close to the liquidation value, while some others are inclined to accept the only offer on the table. Voting was supposed to end on Thursday but has now probably been extended until September 15, people familiar with the process said.
Some banks are opposed to taking up the resolution plan submitted by SpaceMantra as it is too close to the liquidation value, while some others are inclined to accept the only offer on the table. Voting was supposed to end on Thursday but has now probably been extended until September 15, people familiar with the process said.
Lenders to Future Retail (FRL) are considering a takeover plan by Space Mantra, despite concerns about the low offer. The committee of creditors (CoC) has extended the voting deadline to September 7 to allow lenders more time for internal approvals. Some lenders prefer liquidation over selling the company cheaply. Space Mantra's offer of ₹553 crore is 2.79% of the outstanding dues. The company has promised to start repaying lenders 90 days after receiving approval from the National Company Law Tribunal (NCLT). Future Retail owes a total of ₹19,773 crore to financial creditors.